Vault-13

ZTO EXPRESS CAYMAN INC ZTO 1.5 09.01.27

NOTE 1.500% 9/0 · EURO-DOLLAR · CUSIP 98980AAB1

55 institutional holders +0 vs Q4 2024
55,130,99955.1m shares reported held*
$889.0mreported value*
6 new 13 added 20 reduced 5 sold out net bought ≈ $61.3m (-6.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $16.18.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 23: 55Q4 23: 53Q1 24: 55Q2 24: 56Q3 24: 56Q4 24: 55Q1 25: 5555Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202355
Q4 202353
Q1 202455
Q2 202456
Q3 202456
Q4 202455
Q1 202555

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 23: 22 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 25 bought or addedQ1 24: 21 cut or sold outQ1 24Q2 24: 24 bought or addedQ2 24: 23 cut or sold outQ2 24Q3 24: 24 bought or addedQ3 24: 25 cut or sold outQ3 24Q4 24: 26 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 19 bought or addedQ1 25: 25 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232221
Q1 20242521
Q2 20242423
Q3 20242425
Q4 20242622
Q1 20251925

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ2 24 calls: $0Q2 24 puts: $1.9mQ2 24P/C —Q3 24 calls: $0Q3 24 puts: $2.4mQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $2.4mQ4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —
Numbers
QuarterCallsPutsP/C
Q2 2024$0$1.9m—
Q3 2024$0$2.4m—
Q4 2024$0$2.4m—
Q1 2025$0$0—

Biggest buyers

KING STREET CAPITAL MANAGEMENT, L.P. New +36,013,000+36.0m
SONA ASSET MANAGEMENT (US) LLC Added +28,000,000+28.0m
MOORE CAPITAL MANAGEMENT, LP New +19,415,000+19.4m
Walleye Capital LLC Added +11,000,000+11.0m
BANK OF AMERICA CORP /DE/ Added +9,844,000+9.8m
Mint Tower Capital Management B.V. New +8,800,000+8.8m
MILLENNIUM MANAGEMENT LLC Added +4,851,000+4.9m
WELLINGTON MANAGEMENT GROUP LLP Added +3,590,000+3.6m
LMR Partners LLP Added +3,500,000+3.5m
Fore Capital, LLC Added +2,000,000+2.0m

Biggest sellers

Davidson Kempner Capital Management LP Reduced -17,500,000-17.5m
WOLVERINE ASSET MANAGEMENT LLC Reduced -14,535,000-14.5m
Linden Advisors LP Reduced -7,500,000-7.5m
Paloma Partners Management Co Reduced -5,175,000-5.2m
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Reduced -4,358,000-4.4m
BlackRock, Inc. Reduced -4,125,000-4.1m
HBK INVESTMENTS L P Reduced -3,500,000-3.5m
Ovata Capital Management Ltd Reduced -3,500,000-3.5m
OAKTREE CAPITAL MANAGEMENT LP Reduced -3,340,000-3.3m
Pinpoint Asset Management Ltd Reduced -2,500,000-2.5m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.47% of their portfolio New York, NY 215,865,000215.9m $217.2m $217.2m 1.47% Reduced -7.5m -7,500,000
2 MILLENNIUM MANAGEMENT LLC 0.08% of their portfolio NEW YORK, NY 82,700,00082.7m $83.2m $83.2m 0.08% Added +4.9m +4,851,000
3 SONA ASSET MANAGEMENT (US) LLC 2.73% of their portfolio NEW YORK, NY 71,500,00071.5m $71.9m $71.9m 2.73% Added +28.0m +28,000,000
4 WOLVERINE ASSET MANAGEMENT LLC 1.07% of their portfolio CHICAGO, IL 54,570,00054.6m $54.9m $54.9m 1.07% Reduced -14.5m -14,535,000
5 Davidson Kempner Capital Management LP 0.60% of their portfolio New York, NY 42,500,00042.5m $42.7m $42.7m 0.60% Reduced -17.5m -17,500,000
6 Paloma Partners Management Co 7.19% of their portfolio GREENWICH, CT 38,140,00038.1m $38.4m $38.4m 7.19% Reduced -5.2m -5,175,000
7 KING STREET CAPITAL MANAGEMENT, L.P. 4.81% of their portfolio New York, NY 36,013,00036.0m $36.2m $36.2m 4.81% New
8 M&G PLC 0.15% of their portfolio London, X0 31,446,00031.4m $31.8m $31.8m 0.15% Unchanged
9 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 28,500,00028.5m $28.8m $28.8m 0.03% Unchanged
10 Walleye Capital LLC 0.26% of their portfolio NEW YORK, NY 23,500,00023.5m $23.7m $23.7m 0.26% Added +11.0m +11,000,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,800,00020.8m $20.9m $20.9m 0.00% Reduced -650.0k -650,000
12 MOORE CAPITAL MANAGEMENT, LP 0.65% of their portfolio NEW YORK, NY 19,415,00019.4m $19.5m $19.5m 0.65% New
13 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 15,332,00015.3m $15.5m $15.5m 0.00% Added +1.5m +1,498,000
14 HBK INVESTMENTS L P 0.26% of their portfolio DALLAS, TX 15,000,00015.0m $15.1m $15.1m 0.26% Reduced -3.5m -3,500,000
15 Maven Securities LTD 3.28% of their portfolio ST HELIER, Y9 15,000,00015.0m $15.0m $15.0m 3.28% Unchanged
16 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 14,291,60014.3m $14.4m $14.4m 0.00% Added +9.8m +9,844,000
17 LMR Partners LLP 0.26% of their portfolio LONDON, X0 13,000,00013.0m $13.1m $13.1m 0.26% Added +3.5m +3,500,000
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 12,750,00012.8m $12.8m $12.8m 0.01% Unchanged
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 12,162,00012.2m $12.2m $12.2m 0.00% Reduced -1.2m -1,168,000
20 Pinpoint Asset Management Ltd 2.07% of their portfolio HONG KONG, K3 11,830,00011.8m $11.9m $11.9m 2.07% Reduced -2.5m -2,500,000
21 ONTARIO TEACHERS PENSION PLAN BOARD 0.18% of their portfolio Toronto, A6 11,500,00011.5m $11.6m $11.6m 0.18% Unchanged
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 11,390,00011.4m $11.4m $11.4m 0.00% Unchanged
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 10,025,00010.0m $10.1m $10.1m 0.00% Reduced -4.1m -4,125,000
24 Mint Tower Capital Management B.V. 3.28% of their portfolio AMSTERDAM, P7 8,800,0008.8m $8.9m $8.9m 3.28% New
25 Ovata Capital Management Ltd 2.48% of their portfolio HONG KONG, K3 6,500,0006.5m $6.5m $6.5m 2.48% Reduced -3.5m -3,500,000
26 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 6,305,0006.3m $6.3m $6.3m 0.00% Added +3.6m +3,590,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,968,0006.0m $6.0m $6.0m 0.00% Added +626.0k +626,000
28 OAKTREE CAPITAL MANAGEMENT LP 0.11% of their portfolio LOS ANGELES, CA 5,503,0005.5m $5.5m $5.5m 0.11% Reduced -3.3m -3,340,000
29 Fore Capital, LLC 6.02% of their portfolio New York, NY 5,000,0005.0m $5.0m $5.0m 6.02% Added +2.0m +2,000,000
30 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 4,978,0005.0m $5.0m $5.0m 0.02% Reduced -186.0k -186,000
31 Brevan Howard Capital Management LP 0.11% of their portfolio ST. HELIER, Y9 4,000,0004.0m $4.0m $4.0m 0.11% Unchanged
32 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,775,0003.8m $3.8m $3.8m 0.00% Reduced -6.0k -6,000
33 Man Group plc 0.01% of their portfolio LONDON, X0 3,570,0003.6m $3.6m $3.6m 0.01% Unchanged
34 Amundi 0.00% of their portfolio Paris, I0 3,000,0003.0m $3.0m $3.0m 0.00% Added +1.0m +1,000,000
35 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 3,000,0003.0m $3.0m $3.0m 0.00% Reduced -500.0k -500,000
36 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,854,0002.9m $2.9m $2.9m 0.00% Reduced -60.0k -60,000
37 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 2,700,0002.7m $2.7m $2.7m 0.00% Reduced -750.0k -750,000
38 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 0.46% of their portfolio SAN FRANCISCO, CA 2,198,0002.2m $2.2m $2.2m 0.46% Reduced -4.4m -4,358,000
39 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.02% Unchanged
40 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 1,970,0002.0m $2.0m $2.0m 0.00% Added +545.0k +545,000
41 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 1,500,0001.5m $1.5m $1.5m 0.03% New
42 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 999,9991,000.0k $1.0m $1.0m 0.00% Reduced -1 -1
43 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 400,000400.0k $403.7k $403.7k 0.01% Reduced -600.0k -600,000
44 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 331,000331.0k $332.4k $332.4k 0.00% First filing
45 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 313,000313.0k $314.3k $314.3k 0.02% Unchanged
46 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $302.0k $302.0k 0.00% Unchanged
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 200,000200.0k $200.5k $200.5k 0.00% Reduced -200.0k -200,000
48 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 111,000111.0k $111.6k $111.6k 0.00% Added +17.0k +17,000
49 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $13.0k $13.0k 0.00% New
50 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 2,9002.9k $2.9m $2.9m 0.02% Added +1.9k +1,900
51 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,0002.0k $200.8k $200.8k 0.00% Unchanged
52 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,5001.5k $1.5k $1.5k 0.00% Unchanged
53 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $1.0k $1.0k 0.00% Unchanged
54 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
55 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New